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Side-by-side financial comparison of System1, Inc. (SST) and Whitestone REIT (WSR). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $43.9M, roughly 1.2× Whitestone REIT). Whitestone REIT runs the higher net margin — 52.0% vs -26.0%, a 78.0% gap on every dollar of revenue. On growth, Whitestone REIT posted the faster year-over-year revenue change (7.5% vs -31.3%). Over the past eight quarters, Whitestone REIT's revenue compounded faster (8.7% CAGR vs -21.8%).
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
Whitestone REIT is a publicly traded real estate investment trust that acquires, owns, manages and redevelops open-air community shopping centers, primarily located in high-growth metropolitan areas across the southwestern and southeastern United States. Its property portfolio is largely anchored by daily necessity, service-focused retail tenants that cater to regular local consumer demand.
SST vs WSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $43.9M |
| Net Profit | $-13.5M | $22.8M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | 53.0% |
| Net Margin | -26.0% | 52.0% |
| Revenue YoY | -31.3% | 7.5% |
| Net Profit YoY | 4.8% | 31.7% |
| EPS (diluted) | $-3.58 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $51.9M | $43.9M | ||
| Q3 25 | $61.6M | $41.0M | ||
| Q2 25 | $78.1M | $37.9M | ||
| Q1 25 | $74.5M | $38.0M | ||
| Q4 24 | $75.6M | $40.8M | ||
| Q3 24 | $88.8M | $38.6M | ||
| Q2 24 | $94.6M | $37.6M | ||
| Q1 24 | $84.9M | $37.2M |
| Q4 25 | $-13.5M | $22.8M | ||
| Q3 25 | $-18.5M | $18.3M | ||
| Q2 25 | $-17.5M | $5.1M | ||
| Q1 25 | $-15.9M | $3.7M | ||
| Q4 24 | $-14.2M | $17.3M | ||
| Q3 24 | $-23.6M | $7.6M | ||
| Q2 24 | $-26.4M | $2.6M | ||
| Q1 24 | $-10.5M | $9.3M |
| Q4 25 | 41.0% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 35.7% | — | ||
| Q1 25 | 38.2% | — | ||
| Q4 24 | 42.1% | — | ||
| Q3 24 | 28.0% | — | ||
| Q2 24 | 27.6% | — | ||
| Q1 24 | 21.9% | — |
| Q4 25 | -33.6% | 53.0% | ||
| Q3 25 | -25.3% | 45.5% | ||
| Q2 25 | -20.4% | 13.8% | ||
| Q1 25 | -17.6% | 10.2% | ||
| Q4 24 | -15.7% | 43.3% | ||
| Q3 24 | -24.6% | 20.3% | ||
| Q2 24 | -30.8% | 7.2% | ||
| Q1 24 | -30.4% | 25.9% |
| Q4 25 | -26.0% | 52.0% | ||
| Q3 25 | -30.1% | 44.7% | ||
| Q2 25 | -22.4% | 13.3% | ||
| Q1 25 | -21.3% | 9.7% | ||
| Q4 24 | -18.7% | 42.5% | ||
| Q3 24 | -26.6% | 19.7% | ||
| Q2 24 | -27.9% | 6.9% | ||
| Q1 24 | -12.4% | 25.1% |
| Q4 25 | $-3.58 | $0.43 | ||
| Q3 25 | $-2.30 | $0.35 | ||
| Q2 25 | $-2.23 | $0.10 | ||
| Q1 25 | $-0.21 | $0.07 | ||
| Q4 24 | $-3.41 | $0.34 | ||
| Q3 24 | $-3.37 | $0.15 | ||
| Q2 24 | $-3.80 | $0.05 | ||
| Q1 24 | $-0.16 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.9M | $4.9M |
| Total DebtLower is stronger | $305.1M | $649.4M |
| Stockholders' EquityBook value | $30.5M | $458.1M |
| Total Assets | $405.0M | $1.2B |
| Debt / EquityLower = less leverage | 10.01× | 1.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $4.9M | ||
| Q3 25 | $54.6M | $6.8M | ||
| Q2 25 | $63.6M | $5.3M | ||
| Q1 25 | $43.9M | $5.6M | ||
| Q4 24 | $63.6M | $5.2M | ||
| Q3 24 | $69.1M | $2.5M | ||
| Q2 24 | $75.7M | $3.2M | ||
| Q1 24 | $69.9M | $6.2M |
| Q4 25 | $305.1M | $649.4M | ||
| Q3 25 | $259.2M | — | ||
| Q2 25 | $263.3M | — | ||
| Q1 25 | $267.4M | — | ||
| Q4 24 | $255.1M | $632.5M | ||
| Q3 24 | $259.2M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $268.6M | — |
| Q4 25 | $30.5M | $458.1M | ||
| Q3 25 | $42.7M | $439.5M | ||
| Q2 25 | $58.2M | $427.5M | ||
| Q1 25 | $67.2M | $431.0M | ||
| Q4 24 | $80.3M | $438.2M | ||
| Q3 24 | $90.3M | $419.5M | ||
| Q2 24 | $109.4M | $418.3M | ||
| Q1 24 | $131.7M | $421.6M |
| Q4 25 | $405.0M | $1.2B | ||
| Q3 25 | $385.2M | $1.1B | ||
| Q2 25 | $429.2M | $1.2B | ||
| Q1 25 | $419.2M | $1.1B | ||
| Q4 24 | $459.1M | $1.1B | ||
| Q3 24 | $479.3M | $1.1B | ||
| Q2 24 | $511.3M | $1.1B | ||
| Q1 24 | $521.1M | $1.1B |
| Q4 25 | 10.01× | 1.42× | ||
| Q3 25 | 6.07× | — | ||
| Q2 25 | 4.53× | — | ||
| Q1 25 | 3.98× | — | ||
| Q4 24 | 3.18× | 1.44× | ||
| Q3 24 | 2.87× | — | ||
| Q2 24 | 2.41× | — | ||
| Q1 24 | 2.04× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.6M | $50.8M |
| Free Cash FlowOCF − Capex | — | $50.5M |
| FCF MarginFCF / Revenue | — | 114.9% |
| Capex IntensityCapex / Revenue | 0.0% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 2.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $50.8M | ||
| Q3 25 | $-2.1M | $18.0M | ||
| Q2 25 | $24.5M | $13.8M | ||
| Q1 25 | $-15.9M | $3.1M | ||
| Q4 24 | $772.0K | $58.2M | ||
| Q3 24 | $-5.0K | $16.4M | ||
| Q2 24 | $10.0M | $12.3M | ||
| Q1 24 | $-16.0M | $11.5M |
| Q4 25 | — | $50.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | — | ||
| Q4 24 | — | $58.0M | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 114.9% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | — | ||
| Q4 24 | — | 142.1% | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | 0.7% | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | 0.5% | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | 2.22× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 2.74× | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | 3.36× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | — | 4.73× | ||
| Q1 24 | — | 1.23× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
